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1600 West Bank Drive, Peterborough, ON K9J 7B8
1-888-655-5559 • www.trentu.ca
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THE WORLD BELONGS TO THOSEWHO UNDERSTAND IT.
STUDENTS WHO COME TO TRENT UNIVERSITY ENTER INTO A CHALLENGING, INNOVATIVE ACADEMIC ENVIRONMENT –
ONE THAT PROVIDES AN EXCEPTIONAL WORLDVIEW.100% EMPLOYMENTSIX MONTHS AFTER GRADUATION.In business, natural science andeducation, 100% of Trent graduatesfound relevant employment withinsix months of graduation.
With 7,800 students, Trent is notedfor internationally-respectedfaculty, globally-significant teachingand research, and world-classfacilities. Moreover, studentsbenefit from a greatly enhancedacademic experience due to Trent'sability to consistently deliver ameaningful, high-quality liberalundergraduate education in thehumanities, social sciences andnatural sciences.
Located in Peterborough, Ontario,Trent is truly Canadian, based on thefact that every region and culturalaspect of our nation's heritage isrepresented. On the world stage,Trent is regarded with high merit forits emphasis on global perspectivesand the centrality of the individualstudent. Ethics, social responsibilityand diversity of thought are some ofthe principles at the heart of Trent'sstudent-centred philosophy. As aresult, Trent graduates are not onlyhighly employable as youngprofessionals - they become valuablecontributors to society.
#1 IN CANADAQUALITY OF EDUCATION, TWO YEARS IN A ROW.Trent ranked first for Quality Education,Canadian undergraduate universities, TheGlobe & Mail, University Report Card, 2003and 2004 and received an “A” grade in 2005.
95% EMPLOYMENTSIX MONTHS AFTER GRADUATION.In the arts and social sciences, 95% of Trentgraduates found relevant employmentwithin six months of graduation.
#1 IN ONTARIOSTUDENTS WHO HAVE WON NATIONAL AWARDS.Based on Maclean's 2004 five-year tally (1999-2003) with respect to the number of students per 1,000 who have won national awards.
“ I'm hoping to find a job at an NGO working with refugeechildren. There's so much inequality in the world. I'd liketo work at making a difference with children.”
Salma Yarjani4th Year, International Development Studies and Business Administration 1 2
UNDERSTANDING THE SIGNIFICANCE OFLEADING-EDGE RESEARCH.
TRENT UNIVERSITY’S GROUNDBREAKING RESEARCH IN THE HUMANITIES,SOCIAL SCIENCES AND NATURAL SCIENCES BENEFITS
INDUSTRY AND ORGANIZATIONS WORLDWIDE.
RESEARCH UNIVERSITYOF THE YEARUnprecedented in the Canadian university system, in2005 Trent ranked as premier Research University of theYear among Canadian undergraduate universities for the third year in a row. (Research InfoSource rankings aspublished in The National Post 2003, 2004 and 2005.)
On a global scale, Trent is leadingon the environmental forefrontthrough the Worsfold WaterQuality Centre which houses thenation's most advanced waterquality testing equipment andprovides students with access tosome of the most respectedresearchers in this field. Trent is alsohome to the Natural Resources DNAProfiling and Forensic Centre, whichwill advance the area of DNAresearch, enabling experts aroundthe globe to look at the fields ofgenetics and biotechnology with anew set of eyes.
In addition, no less than eight out of11 available Canada Research Chairshelp to advance the frontiers ofknowledge, both through their ownwork, and by teaching andsupervising students and otherresearchers. Whether improving ourunderstanding of pollutants in theenvironment, developing populationprojection models for wildlifemanagement and conservation,mapping Canada's labour history, ordocumenting and preserving aspectsof Canada's Aboriginal culture -Trent is making impressive stridesacross uncharted territory in theworld of research with internationalimpact. As a result, not onlystudents and individuals, butorganizations, businesses and entirecommunities benefit from Trent'sgrowing body of research.
2005 CANADA RESEARCH CHAIRSDr. Julian Aherne, Environmental Modelling
Dr. James Conolly, Archeological Studies
Prof. Marrie Mumford, Aboriginal Arts and Literature
Dr. Dennis Murray, Terrestrial Ecology
Dr. Bryan Palmer, Canadian Studies
Dr. Davide Panagia, Cultural Studies
Dr. James Parker, Emotion and Health
Dr. Bradley White, Conservation Genetics and Biodiversity
#1 IN ONTARIOMEDICAL/SCIENCE GRANTS.From Maclean's 2004 AnnualRanking of primarily undergraduateCanadian universities.
“ My favourite courses are chemistry and environmental chemistry. I'd like togo to grad school and then work in a lab or as a food inspector. . . I loveTrent. If I need a break, I look up and there's someone I know.”
Jeff KoyanagiStudent leader, athletic rep, and chair of Trent Model UN3 4
UNDERSTANDING THE DEVELOPMENT OFEXCEPTIONAL YOUNG MINDS.
THROUGH EXCELLENCE IN TEACHING, TRENT UNIVERSITY IS COMMITTED TO THE DEVELOPMENT
OF BRIGHT, YOUNG PROFESSIONALS.
#1 IN CANADAUNDERGRADUATE BUSINESS SCHOOL PROGRAM.For the second year in a row, Trent ranked first in the 2005 Corporate Knights magazine Annual Ranking ofundergraduate business school programsfor infusing its curricula with social andenvironmental impact management.
Trent has a rare ratio of one professorfor every 21 students. Classes arehighly interactive, encouragingstudents to think critically, creatively,constructively, work collaboratively inteams and to communicate their ideaseffectively. Some of the best minds ofour generation work closely withTrent students. Among undergraduateuniversities, Trent ranks number one in Ontario for classes taught by tenured faculty. These samerespected faculty members value their role as mentor and cultivateeach student as an individual. Theyalso have an important impact on the quality of teaching by bringingthe latest research developments into the classroom.
Innovative teaching facilitiessustain an environment thatadvances learning and knowledge.For instance, Trent's award-winningChemical Sciences Building, with itscomputational room, helps placechemistry education at Trent on the cutting edge of pedagogy.Trent's 40th anniversary year sawthe opening of The First PeoplesHouse of Learning in the EnweyingBuilding with a goal of fosteringthe exploration and developmentof indigenous knowledge. It is partof Trent's new 140,000 square-footPeter Gzowski College, andincludes gathering and ceremonialspace, and facilities for lectures,meetings and performances. One of its most unique features is the Nozhem First PeoplesPerformance Space.
AREAS OF TEACHING EXCELLENCE INCLUDE:• Archeology and Classics
• Business and the Economy
• Canadian and Indigenous Studies
• DNA Forensics
• Environmental Science and Policy
• Health Sciences/Health Studies
• International and Global Studies
• Media and Culture
• Nursing
• Teacher Education
• Understanding the Physical World
#1 IN CANADAINVESTMENTS IN SCHOLARSHIPSAND BURSARIES AS APERCENTAGE OF BUDGET.From Maclean's 2005 annual ranking of primarily undergraduateCanadian universities.
#1 IN ONTARIOOVERALL RANKING OF UNDERGRADUATE UNIVERSITIES.From Maclean's 2005 Annual Ranking of primarily undergraduateCanadian universities.
“ My dream is to have an effect on another person - whether it's in a life-changing way or in a minor way - just to have a positive impact. I like tostand out as a person. It's cool when you know people look up to you. ”
Britni LloydStudent leader and aspiring teacher
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DISTINGUISHING OURSELVES THROUGHEXCEPTIONAL ACHIEVEMENT.
Over the past year, Trent students, alumni and faculty have distinguished themselves and ourinstitution through exceptional accomplishments of national and global significance. Whether itwas nursing in Zimbabwe, archeological work in Azoria, water quality testing in North Americaor winning medals in Canadian sporting events, the success of those connected with Trentconfirms that their experiences here lead to truly great things beyond the bounds of our campus.
What better illustration than these achievements could we find to demonstrate the meaningbehind Trent University's new awareness building campaign, “The World Belongs to Those WhoUnderstand It.” The culmination of a careful, research-based process, this descriptor for ouruniversity is seen as a new affirmation of Trent's strengths in delivering exceptional education inthe humanities, social sciences, and natural sciences, as well as increasingly sought-after graduateand professional programs. “The World Belongs to Those Who Understand It” speaks to theinfusion of significant and broad knowledge which Trent students gain during their time with us,a process which empowers them to become ethical, engaged global citizens - prepared forsuccess and eager to make a difference in the world.
Just as this report was being produced, Trent was named Research University of the Year inCanada for the third year in a row, an unprecedented accomplishment. Inherent in the Trentexperience is the unique combination of faculty who excel in their fields of research and are, atthe same time, highly committed to teaching and the cultivation of the individual student.
The Government of Ontario's May 2005 budget recognized the essential role that universities such asours have to play in the advancement of knowledge and in society's economic and social wellbeing.Trent University applauds the $6.2 billion to be invested in Ontario's postsecondary education sectorby 2010 and will continue to invest its new resources to strengthen the learning environment for ourstudents - and to be a full participant in developments in our community and our world.
2007 WORLDCHAMPIONSHIPSTrent announced it won the bid to host the 2007 U-19 World Field LacrosseChampionships, run by the InternationalFederation of Women’s Field LacrosseAssociations. According to AthleticDirector Bill Byrick, a $2.1 million Phase 1 upgrade to athletic facilities was integral to Trent’s winning bid.
ATHLETICFACILITIES UPGRADEOver the next five years, Phase 1 includesthe construction of a stadium, a multi-purpose pavilion, two natural turf fields,a softball diamond and an outdoorrecreation area. The plan was the result of a partnership between students and administration.
Reid MordonChair, Board of Governors
Bonnie M. PattersonPresident & Vice-Chancellor
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Photo courtesy of The Peterborough Examiner
TOWARDS A HEALTHIER ENVIRONMENTDr. Julian Aherne
As Trent University’s Canada Research Chair in Environmental Modelling, Dr. Julian Aherne usesmodels to improve our understanding of pollutants in the environment. His research will help leadto the improved management of chemical contaminants with the aim of preserving theequilibrium of ecosystems.
Prof. Aherne’s research at Trent’s internationally-recognized Canadian Environmental ModellingCentre involves the development, evaluation, and application of key modelling tools.
“The need to better understand chemicals in the environment is vital to our economic success asa nation and quality of life as Canadians,” said Prof. Aherne. “Where do the chemicals comefrom? Where do they go? And what happens in the process? The interdisciplinary field ofenvironmental modelling searches for answers to these and other related questions.”
Models like those being used by Prof. Aherne allow the forecasting of future environmental status,so timely decisions can be made to enhance the quality of our natural environment.
YEAR AT A GLANCE: RESEARCH
REDEFINING OBSESSIVE COMPULSIVE DISORDERDr. Laura Summerfeldt
Dr. Laura Summerfeldt is building a new model for diagnosing and treating obsessivecompulsive disorder (OCD). Her research is
taking her well beyond the bounds of Trent, involving twohospitals and three other universities.
An associate professor at Trent, Prof. Summerfeldt is workingon redefining the way psychiatrists and psychologists viewOCD. Her findings indicate that obsessive-compulsiveexperiences can exist at varying levels in all people. “In thedisorder, however, you see an extreme and tormenting versionof the common human feeling that things aren’t ‘just right’.”
Through her research, Prof. Summerfeldt ensures her students getpractical experience. The late Dr. Graham Reed, a mentor to Prof.Summerfeldt, underscored the importance of involving universitystudents in hands-on research. Stated Prof. Summerfeldt, “Part ofthe reason I developed into this area of work was because I didmy B.A. at a campus just like Trent, where there was anopportunity to work closely with faculty members.”
A NEW LOOK AT CANADA’S LABOUR HISTORYDr. Bryan Palmer, CANADA RESEARCH CHAIR IN CANADIAN STUDIES
Peace, order, and good government. Internationally and domestically,many Canadians see themselves as part of a nation defined by orderly
process and civility. But some have lived in a different Canada: 19th century canallabourers who ended up battling militias to secure $1 a day; immigrants deported inthe aftermath of the 1919 Winnipeg General Strike; dissidents arrested under the WarMeasures Act in the 1970s. Dr. Bryan Palmer tries to see history through their eyes.
This Canada Research Chair in Canadian Studies at Trent University is one ofCanada’s leading thinkers on the ways that contentious issues of social class haveshaped Canada’s development. His research reveals a broad-ranging historical pictureof Canadians that is significantly different than the modern stereotype.
As the chairholder, Prof. Palmer’s research focuses on understanding a formativemoment in Canada’s pre-Confederation history – the 1837-38 Upper CanadaRebellion. The causes and consequences of the rebellion remain controversial morethan 140 years later. Prof. Palmer’s research explores how the turmoil of the timewas rooted in specific structures of economic, political, and social contradiction,resulting in a reform movement that lacked coherence and direction, and as aresult failed in its immediate goal.
DNA CONSTRUCTION KICKS OFFConstruction of the DNA Building, a research, teaching and
partnership facility linked to the University’s expertise in
DNA Forensics, kicked off in August 2005. Representatives
from various levels of government and partners in the
project gathered to look at an unveiling of the building
design. The kick-off followed an announcement earlier in
the year that a Memorandum of Understanding had
been signed with the City of Peterborough that will
see the City provide a $2 million infrastructure
grant for the state-of-the-art facility.
PURSUING THE CAUSES OF SCHIZOPHRENIA
Trent Grad Alanna Grant won a $17,500
Canada Graduate Scholarship (CGS) to
pursue her Masters degree investigating
how perinatal injury could be linked to
structural differences in the brain
consistent with schizophrenia.
DISTINGUISHEDRESEARCH AWARD
DR. LEONARD CONOLLY
World-renowned Scholar of the
Academy of Shaw Festival, Fellow
of the Royal Society of Canada and
former Trent University president
SHAD OPEN DAYTrent University held its first Shad
Valley Open Day, the final event
in a 21-day experience for high-
achieving high school students. Trent
University was pleased to showcase
the 48 students’ work, ranging from
innovative biohazard waste containers to
pneumatic gas-lift crutches. This year’s
participants produced products for fields
related to health and wellness. Shad Valley
is a month-long program that brings together
high-potential youth from across Canada
to 11 university campuses. Trent is
one of the participating institutions.
TRENT ARCHIVESDOCUMENTS THE MODERN
Trent University was the site for Canada’s first national
conference on the conservation of twentieth century buildings
and landscapes. As part of the event, Jodi Aoki and Dr. Bernadine
Dodge of the Trent University Archives published Bauhaus in the New
World: Ron Thom at Trent University, a 32-page booklet highlighting
Mr. Thom’s architectural legacy on the Symons Campus.
RECOVERING CULTURE AND LANGUAGE Prof. Marrie Mumford
An actor, director and producer of award-winning Indigenous works, Prof. MarrieMumford is investigating performance traditions from Indigenous nations andrenewing appreciation of Indigenous performing arts.
As Canada Research Chair in Aboriginal Arts and Literature, Prof. Mumford’s work ensures that skills from experienced Aboriginal performers will be transferred to futuregenerations, thus enhancing the cultural and social life of Canada. Trent’s new Nozhemperformance space (housed in the First People’s House of Learning) is her laboratory to investigateIndigenous stories and performance traditions.
The framework for Prof. Mumford’s innovative living research involves transposing discoveries intooriginal work. Using performance practice as a form of analysis, the creative process is exposed,and Indigenous imaginations are nurtured in a respectful environment. The resulting partnerships,networks, and symposia are spreading awareness among the international community.
UNCOVERING THE MERCURY PUZZLEDr. Holger Hintelmann
Mercury levels in lakes throughout North America have reached alarming levels.Various species of fish have been “blacklisted,” and public warnings about thedangers of mercury toxicity have become commonplace.
Dr. Holger Hintelmann, an internationally-respected chemist educated inHamburg, Germany, has devoted his research at Trent to uncovering the exact conditions thatlead to high levels of mercury. Prof. Hintelmann then makes recommendations to industries onhow to improve the situation.
Research in this area involves a variety of different disciplines, including chemistry, geology, andbiology. This, Prof. Hintelmann stated, is a bonus for Trent students working on the project as theygain experience and knowledge in a number of different fields. The global significance of thisresearch also adds to the research educational experience for Dr. Hintelmann’s students.
UNDERSTANDING THE ORIGINS OF POLITICAL THINKINGDr. Davide Panagia
In an age of unprecedented political unrest, it is important to understand theissues surrounding our culture, and to explore the origins of our ideologies. AsCanada Research Chair in Cultural Studies, Dr. Panagia’s research focuses on
exploring political participation through cultural forms of democratic expression, and expandingour understanding of agency and selfhood.
A Rhodes Scholar who comes to Trent from Johns Hopkins University, Dr. Panagia’s researchexplores such influences as literature, semiotics, communications, politics, cultural theory,philosophy, the history of science, religion, and the sociology of culture.
Through funding from the Canadian Foundation of Innovation, Dr. Panagia is working to develop a Centre for the Study of Theory, Culture, and Politics.
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“BUILDING CAPACITY” FUNDRAISING GOAL EXCEEDED
Trent University celebrated the successful completion of the
Building Capacity campaign. The fundraising drive exceeded
its $3,600,000 goal reaching a total of $5,682,000.
GRANT RECOGNIZESMODEL PROGRAM
The Trent Centre for Community Based Education
(TCCBE) at Trent University received a grant in
the amount of $965,000 to pursue plans for
new programs and services for non-profit
organizations in Peterborough and
Haliburton Counties and expansion to serve
a greater region including The City of
Kawartha Lakes and the City of Oshawa.
The TCCBE is well known for its
community-based research and
experiential learning programs which
connect the University, its students
and faculty to the community through
valuable research projects.
SYMONSTEACHING AWARD
DR. CAROLYN KAY
Professor of History,
research focus: the Holocaust
EMINENTSERVICE AWARD
J. KENNETH FOWLER
37-year career at Trent University
as Apparatus Design Technician
RESEARCHUNIVERSITY
OF THE YEARTrent students benefit from their institution’s
honour at being named Research University
of the Year for three consecutive years.
As undergraduates, they have unequalled
access to high-level research equipment.
THIRD PANORAMIC PHOTODONATED TO UNIVERSITY
Dr. Roberta Bondar, Trent’s ninth Chancellor, presented
the University with the third in a series of panoramic
arctic photographs. This final image donated by
Dr. Bondar, is an image from Avulavik National Park
in the Northwest Territory, titled Tundra Pond.
UNLOCKING THE MYSTERIES OF AZORIA Prof. Rodney Fitzsimons
Prof. Rodney Fitzsimons is the first to say it’s not “Indiana Jones work,” but hisarchitectural drawings of the remains at Azoria, East Crete, are helping to unlockthe mystery that is urbanization in the Mediterranean in the first millennium B.C.
Prof. Fitzsimons, who joined Trent’s Department of Ancient History and Classics in 2004, is the architect on the Azoria Project, an excavation of the Early Iron Age town Azoria (ca. 1200-480 B.C.) on the island of Crete in the Greek Aegean.The purpose of the excavation, which began in 2002, is to recover evidence to be used in the reconstruction of the site’s social, political, economic and religious organization.
As part of the investigation, Trent students from the Department of Ancient History and Classics joined Prof. Fitzsimons at a seven-week Summer Field School at Azoria. The students had the opportunity to work as assistants to fieldarchaeologists and specialists such as surveyors, architects, illustrators, biologicalanthropologists and geomorphologists.
YEAR AT A GLANCE: TEACHINGOLD ENGLISH WITH NEW ENERGYDr. Sarah Keefer
Dr. Sarah Keefer’s lectures and seminars in English Literature are beyondinteresting. Trent students describe the professor’s lectures as energetic andexciting. The impact on students is positive because Prof. Keefer invests a greatdeal of energy into engaging students in the learning process.
Within her seminars, Prof. Keefer works with the dynamics of each group of students, usingsmaller groups, pairs and unexpected approaches to keep learning interesting.
In addition, Prof. Keefer has brought research into the classroom through a seminar coursefocusing on editing Old English poetry. Active in the international community of Anglo-Saxonists, Prof. Keefer involves her fourth-year students in the rare experience of working withthe earliest anthology of vernacular verse in English. In editing theory and practice, students seetext from a manuscript through to the printed page as an edition. A cutting-edge digitizedmanuscript facsimile project forms the core of an Honours thesis, to produce a student editionof a substantial but neglected Old English text. Within her classes, students work with OldEnglish manuscript, either in course books or by way of a computer monitor.
INTERACTIVE LEARNING Dr. Alan Slavin
Dr. Alan Slavin takes a highly interactive approach to teaching within a lecturesetting. He teaches his Physics 100 class without conventional lectures under asystem called Peer Instruction.
Under Peer Instruction, students do selected readings before class. During class,they break into smaller groups to address questions designed to develop a strong conceptualcomprehension of the material. After each question, the class votes on the correct answer. Prof.Slavin finds that this approach, combined with innovative uses of the Web for gauging responseand understanding, gives instructors and students instant feedback on the level of understanding.
Over the years, Prof. Slavin’s interactive teaching methods have been widely recognized. He has been awarded The Canadian Association of Physicists Medal for Excellence in UndergraduateTeaching, The 3M Teaching Fellowship, and The Ontario Lieutenant-Governor’s Award for Teaching.
BRINGING HISTORY TO LIFE Dr. Carolyn Kay
As winner of the Symons Award for Excellence in Teaching, Dr. Carolyn Kay hasgiven history a new dimension by incorporating as much modern technology intoher lectures as possible. She plays music at the beginning of her lectures and useslarger-than-life visual materials such as art, photos and maps.
Prof. Kay, who holds a Ph.D. in History from Yale University and whose research focuses on theHolocaust, aims to continuously engage and involve students during her lectures. She asksquestions, solicits opinions, and urges her students to consider each element of the lecturematerial along with her.
ENCOURAGING YOUNG MINDS Dr. David Page
In 2004, Dr. David Page was named amongOntario’s six most outstanding university teachersin a province-wide competition adjudicated by theOntario Confederation of University FacultyAssociations (OCUFA).
Prof. Page has been a full-time member of Trent’s Department ofAncient History and Classics since 1968. He has taught more than30 different courses during this time, ranging from the 100 to 400level, in Latin, Classical History, and Classical Civilization. In 2003,he was the recipient of the Symons Award for Excellence inTeaching, presented annually to a faculty member who displaysexemplary teaching, as well as concern for students.
Upon his receipt of the Symons Award, Prof. Page stated that it isnot really possible to teach, but rather to encourage young mindsto teach themselves. He added that watching his studentsdevelop as independent thinkers has been the most rewardingpart of his career.
EVIDENCE-BASED LEARNING Dr. Paul Wilson
Dr. Paul Wilson, assistant professor in Trent’s Biology department,and forensics supervisor, Natural Resources DNA Profiling andForensics Centre, challenges Trent students to apply what theyhave learned. Students in the Bachelor of Science in ForensicScience Program are tested on performing mock crime scene
activity, putting themselves in the role of forensic investigators.
During the mock crime scene activity, students apply what they have learnedthroughout the year. They collect evidence that they examine, and then carry out amock court process. Prof. Greg Connolley, a retired OPP Officer with years ofexperience in crime scene investigation, also teaches the course with Prof . Wilson. Prof. Connolley is a member of the teaching staff at Fleming, theCollege that is a key partner in the program.
Introduced just last year, the Forensic Science degree, integrates the study ofinvestigative practice and theory, science and law. Courses and teaching methodsused in the program are current and contemporary, and content is shaped by thelatest forensic theory and practice. To provide leading-edge curriculum, TrentUniversity works in partnership with a wide array of forensic practitioners.
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NURSING GRADS GET LOCAL JOBSTwenty Trent-Fleming School of Nursing graduates were
hired by the Peterborough Regional Health Centre (PRHC) in
2005. The graduates signed on for part-time positions with
PRHC for one and two years, and in return, received
signing bonuses in addition to an amount equivalent to
their final year’s tuition. In its fifth year, the hospital
program has seen 111 local nursing graduates hired
by PRHC as part of the program and, of those,
83 per cent have stayed on at the Health Centre.
TRENT’S LARGEST EVER CONVOCATION
A record 1,444 Trent University
undergraduate and graduate students;
six Ph.D.s – Canada’s first three Ph.D.s
in Native Studies; 47 masters degrees;
200 Bachelor of Education degrees;
85 Business Administration
degrees; 57 Bachelor of Science
in Nursing degrees
GOING FOR GOLDBachelor of Science graduate Scott
Farrow qualified for the Canadian
Open swimming championships in
Calgary and won a gold medal in
the 200-metre freestyle relay as
well as a bronze in a second relay
event. Meanwhile, world champion
rower Peter Van Rooijen will go on
to compete in rowing and in the
world of business after graduating
from Trent this year with an
Honours Bachelor of Business
Administration degree.
SOCCER AND SCIENCEThis year, 54 Trent students were named
academic all-Canadians. Among them was
Kenneth Stevens, an award-winning science
student and a student of the Queen’s-Trent
Concurrent Education program. Mr. Stevens
looks forward to inspiring young students
to pursue joys of sports and science in
his career as a teacher.
HONORARY DEGREESERICA CHERNEY, Peterborough businesswoman, philanthropist
and honorary member of the University’s Board of Governors;
LIEUTENANT-GENERAL ROMÉO DALLAIRE, peacekeeper, author,
human rights champion; JAKE EBERTS, filmmaker, mentor to young
writers, directors and actors; MARY MAY SIMON, former
Ambassador for Circumpolar Affairs and Trent’s seventh chancellor
MARKETING TRENT BUSINESS GRADSBrooke Munnings
Trent University Business Administration graduates are unique, innovative,intelligent and dedicated, as demonstrated by their successful initiative – www.trentbusinessgrads.ca.
The Web site, launched by members of the Trent Business Graduate PortfolioCommittee, profiles program graduates for potential employers. The PortfolioProject also took the form of a business card-sized CD, which was sent to more than 500 employers, encouraging them to consider those profiled in their hiring decisions.
The message on the Web site states, “Our students have completed their businessstudies with an emphasis not only on modern business concepts and practices, butalso with an understanding of ethical issues facing today’s managers and executivesand the social and environmental impacts of business decisions.” For her effortsand her academic achievements, Brooke was awarded a plaque, trophy and $500by the Human Resources Professionals of Peterborough.
YEAR AT A GLANCE: STUDENTSNURSING BRINGS INTERNATIONAL PERSPECTIVEBarbara Longland
Symons Medal Winner Barbara Longland graduated with a Bachelor of Science inNursing as a member of the first class of the Trent-Fleming Nursing collaborativefour-year program.
Ms. Longland was a mature student and single parent when she returned toschool to pursue nursing in 2001. Ms. Longland stated her experience has made her a changedperson due, in part, to the time she spent in Zimbabwe for her individual practice placement.
Of the challenging placement she said, “It has opened doors for me and it’s given me anunderstanding of the strength of the human spirit I don’t think I ever would have known.”
In the future, Ms. Longland will pursue full-time work in neonatal intensive care.
A CLASSIC EXAMPLE OF EXCELLENCEMelody McIntyre
Fourth-year Ancient History and Classics, and Anthropology student Melody E.McIntyre has received the prestigious $8,000 U.S. PepsiCo EXCEL Award.
The award was based on Ms. McIntyre’s marks and her extra-curricularinvolvement and is renewable for three years.
Ms. McIntyre said she will use the scholarship money to pay her tuition and rent as well as buybooks. She has also set her sights on pursuing a Master’s degree, and perhaps a Ph.D., inClassical Archeology or Classics.
On the Dean’s List since first year, Ms. McIntyre is a former varsity fencer, a Girl Guide leader, aBlue Red Stripe Belt in Tae Kwon Do, vice-president of the Classics Club, and a volunteer in theaudio-visual library.
CONTINUING TRENT’S STRONG ROWING TRADITIONPeter Van Rooijen
Peter Van Rooijen, an Honours Trent Business Administration graduate, wasawarded top honours at the Canadian University Rowing Championships duringhis final year at Trent, earning a gold medal in the men’s single event. Mr. Van
Rooijen, who has represented Canada on the U23 team in the past two years in the men’s eights,has developed into the nation’s top university sculler.
Mr. Van Rooijen was a bronze medallist in last year’s championships. “His training and technicaldevelopment in the single has given him a strong base to take the next step onto the nationalteam, if that is the path he now chooses to take in the next year,” stated Trent coach and formerOlympian Carol Love.
TOP CIVIC AWARD IN ATHLETICSStephen Hart
In his final year at Trent program, Trent alumnusand Peterborough native, Stephen Hart wasnamed Senior Male Athlete of the Year by the City of Peterborough. The Senior Male Athlete of
the Year Award marked a magnificent finish to an outstanding2004 for Mr. Hart.
He won gold at the Ontario University Athletics (OUA) Nordic Skichampionships in the men’s 15-kilometre freestyle. Mr. Hart wasalso named OUA Athlete of the Week in January 2004, and namedto the Canadian Nordic Ski team that competed at the WorldUniversity Games in Austria in January 2005.
ON BEING A NATIONAL ROLE MODELRobby Qammaniq
As the only student in his high school graduating class whocontinued on to university, Robby Qammaniq, of Arctic Bay,Nunavut, hoped he would be a role model. Little did he know itwould take on an official capacity.
Mr. Qammaniq, a second-year biology and anthropology student, was selected asone of this year’s 12 national Aboriginal role models in a program hosted by theNational Aboriginal Health Organization and funded by Health Canada. Mr.Qammaniq was nominated for the position by Arctic Bay’s Youth Consulting, anon-profit organization with which he volunteered.
As a role model, Mr. Qammaniq will visit Aboriginal communities to tell his story inthe hopes of encouraging and inspiring other Aboriginal youth. His main messageencourages youth to pursue post-secondary education.
Fluent in Inuktitut, Mr. Qammaniq is working toward becoming a doctor, andintends to serve the Inuit, travelling throughout the territory.
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FINANCIAL STATEMENTS
2005 REVENUE
Other Income – 4.0% Government Grants – 45.2%
Student Fees – 32.2%Private Donations,
Non-GovernmentAncillary Revenue – 16.4% Grants – 2.2%
2005 EXPENDITURES
Amortization – 5.0% Appropriated Earnings – 4.9%
Supplies, Expenses – 17.6% Salaries, Benefits – 61.8%
Interest – 1.0%
Utilities – 2.3%
Scholarships, Bursaries – 7.4%
STATEMENT OF CHANGES IN NET ASSETSYEAR ENDED APRIL 30, 2005(with comparative figures for April 30, 2004 - thousands of dollars)
2005 2004
InvestmentInternally in Capital
Deficit Restricted Assets Endowment Total Total
Net assets (deficit), beginning of year $(10,154) $ 10,968 $ 19,263 $ 21,566 $ 41,643 $ 34,494Excess of revenue over expense for the year 5,339 – – – 5,339 5,742Change in internally restricted funds (594) 594 – – – –Change in investment in capital assets (4,500) – 4,500 – – –Endowment contributions credited
directly to endowment – – – 2,461 2,461 1,407
Net assets (deficit), end of year $ (9,909) $11,562 $23,763 $24,027 $49,443 $41,643
The accompanying notes are an integral part of the financial statements
Reid Morden, Board ChairSpecial Advisor to the Inquiry into the Actions of Canadian Officials in Relation to Maher Arar, formerExecutive Director of the UN Independent Inquiry into the Oil for Food Programme, President of Reid Morden& Associates, former Director of the Canadian Security Intelligence Service, former Deputy Minister of Foreign Affairs, and former President and CEO of Atomic Energy of Canada.
Jane Dudas, Vice-Chair Former Chair and now Governor Emeritus of the PeterboroughRegional Health Centre Foundation, founding Chair of Peterborough's Festival of Trees, and founding Chair of the United Way Leadership Program.
Roberta BondarTrent's ninth Chancellor, the first Canadian woman to fly in space and the world’s first neurologist in space, scientist, pilot, author,photographic artist and astronaut who holds the NASA Space Medal,an Officer of the Order of Canada, a Fellow of the Royal Society ofCanada, and a laureate of the Canadian Medical Hall of Fame.
Peter BriegerChairman, CIO and a Director of GlobeInvest Capital ManagementInc. and GlobeInvest Funds Management Inc., an H.B.A. graduateof the Richard Ivey School of Business, University of WesternOntario, holds a Chartered Financial Analyst's designation, and isa regular guest on Report on Business television.
Libby BurnhamQ.C., DCL, senior legal, business and politicaladvisor, a partner of Toronto-based law firm,Morrison Brown Sosnovitch LLP, Vice-Chairand Lead Independent Director of the Boardof Minacs Worldwide Inc.
BOARD OF GOVERNORS
STATEMENT OF FINANCIAL POSITIONAPRIL 30, 2005(with comparative figures for April 30, 2004 - thousands of dollars)
2005 2004
ASSETSCurrent
Cash and short term investments $ 18,606 $ 22,202SuperBuild funds (note 15) 47 169Accounts receivable 4,036 2,547Inventories 109 88Prepaid expenses and deposits 323 326
23,121 25,332Long term investments (note 3) 24,746 23,688Capital assets (note 4) 117,529 109,459
$165,396 $158,479
LIABILITIES AND DEFERRED CAPITAL CONTRIBUTIONSCurrent
Accounts payable and accrued liabilities $10,642 $12,288Current portion of long term debt 1,034 977Deferred revenue (note 5) 14,310 12,224Deferred SuperBuild revenue (note 15) 47 169
26,033 25,658Long term debt (note 6) 22,611 22,640
48,644 48,298
Deferred capital contributions (note 7) 67,309 68,538
NET ASSETSDeficit (note 8) (9,909) (10,154)Internally restricted (note 9) 11,562 10,968Investment in capital assets (note 10) 23,763 19,263Endowments (note 11) 24,027 21,566
49,443 41,643
$165,396 $158,479
The accompanying notes are an integral part of the financial statements
Approved by the Board of Governors
JANE DUDAS: Governor BONNIE M. PATTERSON: Governor
TO THE BOARD OF GOVERNORSTRENT UNIVERSITY
We have audited the statement of financial position ofTrent University as at April 30, 2005 and the statements ofchanges in net assets, operations and cash flows for theyear then ended. These financial statements are theresponsibility of the University's administration. Ourresponsibility is to express an opinion on these financialstatements based on our audit.
We conducted our audit in accordance with Canadiangenerally accepted auditing standards. Those standardsrequire that we plan and perform an audit to obtainreasonable assurance whether the financial statements arefree of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit alsoincludes assessing the accounting principles used andsignificant estimates made by administration, as well asevaluating the overall financial statement presentation.
In our opinion, these financial statements present fairly, inall material respects, the financial position of the Universityas at April 30, 2005 and the results of its operations andcash flows for the year then ended in accordance withCanadian generally accepted accounting principles.
MCCOLL TURNER LLPPeterborough, OntarioAugust 18, 2005
15 16
STATEMENT OF OPERATIONSYEAR ENDED APRIL 30, 2005(with comparative figures for April 30, 2004 - thousands of dollars)
2005 2004
REVENUE
Government grants $ 47,428 $ 42,775
Tuition fees 33,782 32,131
Ancillary sales of services 17,194 15,827
Donations and grants 2,336 3,227
Investment income 1,506 1,358
Miscellaneous 2,619 2,463
104,865 97,781
EXPENSE
Salaries and benefits 64,776 58,478
Scholarships and bursaries 7,702 7,160
Utilities 2,353 2,153
Supplies and expenses 18,431 19,157
Interest 1,055 482
Amortization
Library acquisitions 745 797
Other capital assets 4,464 3,812
99,526 92,039
EXCESS OF REVENUE
OVER EXPENSE FOR THE YEAR 5,339 5,742
Change in Internally Restricted Net Assets (594) 392
Change in Investment in Capital Assets (4,500) (5,173)
DECREASE IN DEFICIT FOR THE YEAR 245 961
DEFICIT - beginning of year (10,154) (11,115)
DEFICIT - end of year $(9,909) $(10,154)
The accompanying notes are an integral part of the financial statements
STATEMENT OF CASH FLOWSYEAR ENDED APRIL 30, 2005(with comparative figures for April 30, 2004 - thousands of dollars)
2005 2004
CASH PROVIDED FROM (USED FOR) OPERATING ACTIVITIES
Excess of revenue over expense for the year $ 5,339 $ 5,742
Amortization of capital assets 5,906 4,609
Decrease (increase) in non-cash working capital items (net) (1,041) 3,785
Increase (decrease) in deferred capital contributions (1,229) 16,096
8,975 30,232
ENDOWMENT ACTIVITIES
Endowment contributions 2,461 1,407
FINANCING AND INVESTING ACTIVITIES
SuperBuild project funding (net of expenditures) (note 15) (122) (14,346)
Proceeds from long term debt 443 12,430
Repayment of long term debt (415) (207)
Purchase of capital assets (14,002) (41,273)
Increase in long term investments (1,058) (817)
(15,154) (44,213)
NET DECREASE IN CASH FOR THE YEAR (3,718) (12,574)
CASH POSITION - beginning of year 22,371 34,945
CASH POSITION - end of year $18,653 $22,371
CASH POSITION REPRESENTED BY:
Cash and short term investments $18,606 $22,202
SuperBuild funds 47 169
$18,653 $22,371
The accompanying notes are an integral part of the financial statements
OPERATING REVENUEFIVE YEAR TREND
2001
Provincial Grants
Student Tuition Fees
Other Income
Donations and Grants
0%
10%
20%
30%
40%
50%
60%
2002 2003 2004 2005
OPERATING EXPENDITURE
Full-Time Salaries
Part-Time Salaries
Employee Benefits
Non-Staff Expenses
0%
10%
20%
30%
40%
50%
60%
Michael ButtChair and CEO of Buttcon Holdings Limited, formerChair of both The Ontario General ContractorsAssociation and the Canadian ConstructionAssociation, and former Chair of the Board of TheGreater Toronto Airports Authority.
Robert ButterworthVice-Chair of the Assessment Review Board, a director of the Society ofOntario Adjudicators and Regulators, a past Councillor of the Township ofNorth Elmsley, past Governor and Chair of the Board of Governors ofAlgonquin College, past Chair of the Rideau Valley District HealthCouncil, and a past member of the Ontario Council of Health.
John Casserly (staff seat)Senior Applications Systems Administrator, InformationTechnology, Board of Govenors representative onSenate, President, Champlain Software Solutions Ltd.,Vice-President, Juniper Imports Ltd., and Director on thePeterborough Youth Soccer Club Board.
Catherine Dickinson (student seat)Pursuing a bachelor's degree in history part time, ExecutiveCoordinator of the Trent Central Student Association (TCSA),President and Chair of the Peter Robinson Community andStudent Association, Past Vice President Finance of theTCSA, and Past President Peter Robinson College Cabinet.
Michael GoughPartner in the Toronto law firm of Osler, Hoskin & Harcourt LLP, specializing in Public Law andRegulatory Affairs, former Lawyer with theMinistry of the Attorney General of Ontario andthe Ministry of Treasury and Economics.
Richard JohnstonOperates By Chadsey's Cairns Winery and Vineyard, Chair of the PrinceEdward County Winegrowers Association, Vice-Chair of the Ontario WineProducers Association, interim President of First Nations Technical Institute,Tyendinaga Mohawk Territory, former President of Centennial College inToronto, and former MPP for Scarborough West.
17 18
1. AUTHORITY
Trent University operates under the authority of The Trent University Act, 1962-63. TheUniversity is a registered charity and, under the provisions of section 149 of the Income TaxAct, is exempt from paying income taxes.
2. SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES
(a) General
The financial statements of the University have been prepared by management in accordance withaccounting principles generally accepted in Canada and consistently applied.
The combined financial statements reflect the assets, liabilities, revenue, expenses and othertransactions of all the operations of the University and organizations that the University hasthe primary economic interest in or controls.
The University accounts identify financial activity separately for operating transactions,internally restricted transactions, externally restricted transactions and endowment related transactions.
- Operating transactions are for general activities.
- Internally restricted related transactions are generally for funds designated for specificactivities by university management.
- Externally restricted related transactions are associated with funds received from externalsources which can only be spent in accordance with the restrictions provided by thesources providing the funds.
- Revenue and expense from operating, internally restricted and externally restrictedtransactions are reported in the Statement of Operations.
- Endowment related transactions include contributions which are designated as endowmentby the source providing the funds and contributions designated as endowment byuniversity management. Internally and externally restricted endowment contributions arereported on the statement of Changes in Net Assets.
The financial statements do not include the assets, liabilities, revenue and expenses of theTrent University Foundation (see note 14).
(b) Inventories
Inventories are valued at the lower of cost and net realizable value.
(c) Capital assets
Capital assets are recorded at cost, or in the case of donated assets, at fair market value onthe date of the donation.
Capital assets are amortized on a straight-line basis over their estimated useful lives as follows:
Buildings ........................................40 years Library books and serials ..................5 yearsEquipment/furnishings ....................10 years Rare collections ..................no amortizationComputer equipment........................5 years System software ..............................5 yearsVehicles............................................5 years
(d) Investments
Long term investments are stated at cost or, if there is a decline in market valuebelow cost that is considered to be other than a temporary decline, the investmentsare written down to market value. Market values of long term investments arereported in note 3.
(e) Revenue recognition
The University follows the deferral method of accounting for revenue derived fromthe provision of service and from revenue contributions. Contributions may either beoperating, internally restricted, externally restricted or endowed.
- Revenue received by the University for the provision of goods and services isrecognized when goods and services are provided. Student fees are recognizedas revenue when courses are provided.
- Operating contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.
- Internally restricted contributions are recognized as revenue when received orreceivable if the amount to be received can be reasonably estimated andcollection is reasonably assured.
- Externally restricted contributions for purposes other than endowment aredeferred and recognized as revenue in the year in which related expenses areincurred. Externally restricted contributions can only be used for the purposesdesignated by external contributors. Pledged donations are not recorded untilreceived due to the uncertainty involved in their collection.
- Contributions from donors and government for the acquisition of capital assetsare deferred and recognized as revenue on the same basis as the related capitalassets are amortized.
- Endowment contributions and related restricted investment revenue are reportedas direct increases in net assets when received.
(f) Retirement Plans
The University maintains contributory defined benefit pension plans and asupplemental retirement arrangement (SRA) which cover eligible faculty and staff.The assets, liabilities and results of operations of the plans are included in thefinancial statements of the respective Trent University pension funds. Accruedpension benefits are actuarially determined using the projected benefit method prorated on service and management's best estimate of expected long term rate ofreturn on plan assets, salary escalation and retirement ages of employees. Thecurrent year's charge to operations in respect of funding of the plans includes, asapplicable, current service costs, amortization of past service costs and valuationadjustments. The cost of providing post-retirement benefits is reflected in the year of the employee's service rather than as paid.
(g) Fund raising activities
Gifts and grants from fundraising activities are recorded when received. Pledges arerecorded upon payment.
(h) Sabbaticals and other leaves
The cost of sabbaticals and leaves are recorded when paid.
(i) Contributed services
Volunteers as well as members of the University community including alumni contribute an extensive number of hours per year to assist the institution in carrying out its service delivery activities. Such contributed services are not recognized in thefinancial statements.
(j) Financial instruments
The carrying amounts reported in the statement of financial position for accountsreceivable, accounts payable, and accrued liabilities and long term debt approximate fairmarket value. The market value of long term investments has been reported in note 3.
(k) Use of estimates
The preparation of financial statements in accordance with Canadian generally acceptedaccounting principles requires management to make certain estimates and assumptionsthat affect the reported amount of assets and liabilities and the disclosure ofcontingencies at the date of the financial statements and the reported amount ofrevenue and expenses during the period. Actual results could differ from those estimates.
3. LONG TERM INVESTMENTS
Investments are monitored by a Committee of the Board of Governors. Investments aremanaged by investment managers subject to asset mix and performance benchmarkscontained in the investment policy of the Board of Governors. The investment managersreport on a regular basis to the Committee of the Board.
The cost and market values of the investments at April 30 were:
2005 2004Cost Market Cost Market
Cash $ 538 $ 538 $ 234 $ 234Bonds 9,232 9,649 7,878 8,099Equities 14,976 15,995 15,576 15,817
$24,746 $26,182 $23,688 $24,150
Long term investments include investments of endowment funds $21,712 (2004 - $20,757) and of employee early retirement plans $3,034 (2004 - $2,931).
4. CAPITAL ASSETS
Capital assets and accumulated amortization consists of the following:
Accumulated Net Book2005 Cost Amortization Value
Land and site improvements $ 7,336 $ – $ 7,336Buildings 133,070 40,491 92,579Equipment, software 38,900 24,854 14,046Library books, serials 20,527 18,079 2,448Construction in progress 1,120 – 1,120
$200,953 $83,424 $117,529
Accumulated Net Book2004 Cost Amortization Value
Land and site improvements $ 7,028 $ – $ 7,028Buildings 76,028 37,569 38,459Equipment, software 33,870 23,311 10,559Library books, serials 19,872 17,335 2,537Construction in progress 50,876 – 50,876
$187,674 $78,215 $109,459
The net investment in capital assets is set out in note 10.
5. DEFERRED REVENUE
Deferred revenue represents unexpended amounts received in the current and prior yearsfor services to be provided in a future year. Details of the year-end balances are as follows:
2005 2004
Externally restricted donations $ 3,832 $ 3,666Student fees 1,432 2,154Federal and Provincial Government grants 7,988 5,771Other 1,058 633
$14,310 $12,224
6. LONG TERM DEBT
Long term debt consists of:
2005 2004
Canada Mortgage and Housing Corporation debentures for the Residential Colleges $ 2,974 $ 3,059
Physics Building extension 910 1,008Bradburn House renovations 525 571Gzowski College Residence 12,116 12,272Faculty voluntary early retirement program 5,899 6,103Future cost of post-retirement benefits 796 547Other 425 57
23,645 23,617
Amount due within one year shown as current liability 1,034 977
$22,611 $22,640
Canada Mortgage and Housing Corporation debentures bear interest at rates from 57/8% to 8 1/4% and will mature on various dates between 2017 and 2024; annualinstalments of principal and interest of $313 are included in expenses.
The financing for the Physics Building extension represents a fourteen year loan with the Bank of Montreal at a fixed rate of 6.48% payable in monthly blended instalments of $13 secured by an assignment of rents. The final payment falls due May 31, 2008 and management intends to refinance.
Deborah Kennett (faculty seat)Full Professor with the Departmentof Psychology, and Interim Directorof the Institute for Health Studies at Trent University.
Peter Lafleur (faculty seat)Professor with the Department of Geography, andChair of the Northern and PolarSciences Committee.
Lynn McDonaldFormer Managing Director ofCanadian Credit Capital Markets forCIBC World Markets in Toronto, andserved as a Deputy Minister in theOffice of the Premier/Cabinet Office.
David MortonRetired President and CEO of the Quaker Oats Co., Vice-Chair ofthe Board of Frontier College, Vice-Chair of the PeterboroughFestival of Lights, former Chair of Five Counties Children’s Centre,former Vice-Chair of the Fleming College Board, and receivedPeterborough's Volunteer of the Year Award in 2002.
Deb Nichols (staff seat)Publications Coordinator in the Academic SkillsCentre at Trent, her familiarity with currentacademic issues offers valuable insight intostudent, parent, and faculty expectations.
Bonnie PattersonPresident and Vice-Chancellor of Trent University, Chair of the Board ofDirectors for the Association of Universities and Colleges Canada,Professor for the Department of Business Administration, and Chair of theBoard of Directors for the Peterborough Regional Health Centre.
Kate RamsayMember of the Board of Lakefield College and Friends ofKinark, former Director of James Richardson and SonsLimited, and previous Chair of the Ontario Audio LibraryService and the Lakefield Police Services Board.
NOTES TO THE FINANCIAL STATEMENTS(THOUSANDS OF DOLLARS)
19 20
Tyler Roach (student seat)Political Studies/International Political Economy major, Member ofthe Political Studies Board at Trent, worked for YMCA-YWCAresidential camps, and is the Outreach & Education Coordinatorfor the Seasoned Spoon, a not-for-profit, student-run café.
Graeme RossBranch Manager of RBC Dominion Securities for thePeterborough and Cobourg offices, and is an activemember of the Peterborough community by supportinga number of non-profit organizations.
William SaundersonChair of Ontario Exports Inc., previously Minister ofEconomic Development, Trade and Tourism, a Chartered Accountant, and co-founder of SceptreInvestment Counsel Limited.
Fred SherrattA Director of CHUM Ltd. and a Member of theExecutive Management Committee, former COO and Vice-Chairman of CHUM, co-founder andformer President of the Atlantic TelevisionSystem, and Broadcast Hall of Fame inductee.
Patricia SouthernChartered Accountant and GeneralManager of Gowling LafleurHenderson LLP in Toronto ,and PastChair of the Board of CommunityHead Injury Resources of Toronto.
Len VernonChartered Accountant and ChiefFinancial Officer of YM BioSciencesInc., a biotech company located inMississauga, and a member ofTrent's first class.
Douglas YoungExecutive Vice President of Fiber Optic SystemsTechnology Inc., retired from the position of Vice-Chairman of Cygnal Technologies, a companyhe founded, and former President of Hiram WalkerInternational, Hiram Walker & Sons Ltd.
The loan regarding the Bradburn House is a fifteen year mortgage with the Bank ofMontreal at a fixed rate of 3.77%, payable in blended monthly instalments of $6,secured by specific land and buildings. The final payment falls due August 31, 2006 andmanagement intends to refinance.
The residence and dining portion of the Peter Gzowski College/First Peoples House ofLearning is funded through an interest rate swap agreement with the Bank of Montrealto mature on May 1, 2034 with an effective rate of interest of 6.415%. Annual principaland interest payments are $924.
The faculty voluntary early retirement programs reflect payments required by individualcontracts over varying future periods. The current and future costs of these programs havebeen reflected in the deficit and are based on the effective early retirement dates. Futurecosts will be funded from future cost savings, therefore, the recognition of future costs incurrent year's expenditure increases the deficit (note 8).
The principal repayments estimated in each of the next five years are as follows:
2005-2006..........................................................................................................$1,0342006-2007............................................................................................................1,0642007-2008............................................................................................................1,0772008-2009............................................................................................................1,1082009-2010............................................................................................................1,142
7. DEFERRED CAPITAL CONTRIBUTIONS
Deferred capital contributions represent the unamortized amount of externally restrictedcontributions used for the purchase of capital assets. Details of the changes in thedeferred contributions balance are as follows:
2005 2004
Balance - beginning of year $ 68,538 $ 52,442Add contributions received for capital acquisitions 2,565 18,928Less amortization of deferred capital contributions (3,794) (2,832)
Balance - end of year $67,309 $68,538
8. DEFICIT
Details of the deficit are as follows:
2005 2004
Deficit as per Statement 1 $ (9,909) $(10,154)Deduct: Expenditure of future costs of Faculty voluntary early retirement plan which will be covered by revenues in future years 3,024 3,350
Expenditure of accrued staff vacation pay which will be covered by revenues in future years 1,195 1,050
Balance of deficit for general University operations $(5,690) $(5,754)
9. INTERNALLY RESTRICTED NET ASSETS
Details of internally restricted net assets are as follows:
2005 2004
Internally restricted research and trust $ 238 $ 701Funds committed for specific purposes 11,324 10,267
$11,562 $10,968
10. INVESTMENT IN CAPITAL ASSETS
The investment in capital assets consists of the following:
2005 2004
Capital assets (note 4) $117,529 $109,459Less amounts financed by long term debt:
Long term debt pertaining to capital assets (16,972) (16,967)Deferred capital contributions (note 7) (67,309) (68,538)
Less amounts financed internally (9,485) (4,691)
$23,763 $19,263
11. ENDOWMENTS
Details of year end balances are as follows:
2005 2004Cost Market Cost Market
Student assistance $ 12,963 $ 15,214 $ 10,851 $ 12,741General endowment 1,860 2,751 1,848 2,669Library 1,096 1,621 1,079 1,567Research 47 61 47 60Colleges, departments,
other 3,815 5,695 3,537 5,268Reinvested
realized earnings 4,246 4,204
$24,027 $25,342 $21,566 $22,305
While most endowment funds are externally restricted, some of the funds are internally restricted.
Reinvested realized earnings is the amount of earnings available for allocation to unitholders based on the Board's investment earnings distribution policy. The policy allows amaximum distribution of 4% on the average four-year rolling unit value at December 31.
Student Assistance - Ontario Student Opportunity Trust Fund
Externally restricted endowments include grants provided by the Government of Ontariofrom the Ontario Student Opportunity Trust Fund. Under the program the Governmentmatched funds raised by the University. The purpose of the program is to assistacademically qualified individuals who for financial reasons would not otherwise be ableto attend university.
2005 2004
Endowment balance including preservation of capital,beginning of year $ 7,144 $ 7,280
Donations 1 6Funds transferred from Expendable Trust Funds 96 3Preservation of capital (143) (145)
Endowment balance, end of year $7,098 $7,144
Expendable funds available for bursaries,beginning of year $373 $388
Investment income 248 255Transferred to Endowment Funds (96) (3)Bursaries awarded (204) (267)
Expendable funds available for bursaries in subsequent years $ 321 $ 373
In the 2005 fiscal year, 265 Ontario Student Opportunity Trust Fund bursaries wereawarded to students who attended Trent University. The market value of the endowmentas at April 30, 2005 was $6,495 (2004 - $6,237).
12. RETIREMENT PLANS
The estimated accrued pension benefits and the net assets available to provide thesebenefits, at market value, as of the most recent actuarial valuation dated July 1, 2004,were as follows:
Faculty Non-faculty SRA Total
Accrued pension benefitsBalance, beginning of year $89,580 $51,594 $ 12,315 $153,489Current service cost 3,099 2,693 463 6,255Interest cost 6,703 3,898 934 11,535Benefits paid (3,524) (1,944) (178) (5,646)Actuarial loss 1,303 48 2,013 3,364Change in
actuarial assumptions (884) (181) 593 (472)Additional temporary
early retirement reserve – 800 – 800
Balance, end of year 96,277 56,908 16,140 169,325
Plan assetsMarket value,
beginning of year 89,948 53,016 6,569 149,533Actual return 13,216 7,791 977 21,984Employer contributions – – 1,539 1,539Employee contributions 1,180 476 – 1,656Benefits paid (3,524) (1,944) (200) (5,668)Plan expenses (615) (448) (45) (1,108)
Market value, end of year 100,205 58,891 8,840 167,936
Funding surplus (deficit) 3,928 1,983 (7,300) (1,389)
Unamortized actuarial gain 1,066 616 – 1,682
Accrued pension plan asset (liability) $ 4,994 $ 2,599 $(7,300) $ 293
The accrued pension asset has not been recognized in the financial statements of the University.
The significant actuarial assumptions used in determining the accrued pension asset(liability) are as follows:
2005 2004
Discount rate 3.0% 4.0%Expected long term rate of return on plan assets 6.75% 6.6%Rate of compensation increase 4.5% 5.5%
The expected long term rate of return on plan assets is based on the fair value of theplan assets as at July 1, 2004. The current year's charge to operations was $1,694 (2004 - $1,507) for all retirement plans.
13. CONTINGENT LIABILITIES
Reciprocal Insurance
Trent University is a member of the Canadian Universities Reciprocal Insurance Exchange(CURIE). CURIE pools the property damage and public insurance risks for some fortyinstitutions. All members pay annual deposit premiums which are actuarially determinedand are subject to further assessment in the event members' premiums are insufficient tocover losses and expenses. As at December 31, 2004, CURIE had a surplus of $5,995(2003 - $100).
14. TRENT UNIVERSITY FOUNDATION
The Trent University Foundation was incorporated as a separate crown corporationwithout share capital under the University Foundations Act, 1992, effective August 25,1994. The Directors are appointed by the Lieutenant Governor in Council of Ontario. Theobjects of the Foundation are to solicit, receive, manage and distribute at its discretionmoney and other property to support education and research at the University. The netassets of the Foundation as at March 31, 2005 were $3 (2004 - $2).
15. SUPERBUILD PROJECT FUNDING
In May 2000, Trent University received SuperBuild funding of $26,230 from the Provinceof Ontario for new arts and science facilities. In addition, Trent received $1,410 of $2,810cooperative infrastructure funding in a joint project with Sir Sandford Fleming College ofApplied Arts and Technology, to establish a broad band network between the institutions.As at April 30, 2005, the unexpended balance is $47 and the project is expected to becomplete by December 31, 2005.
16. COMMITMENTS AND CONTINGENCIES WITH RESPECT TO CONSTRUCTION IN PROGRESS
In prior years, the University entered into contracts for the construction of ScienceComplex Renovations/New Science Wing and Peter Gzowski College/First Peoples Houseof Learning. As at April 30, 2005, certain lawsuits and liens have been claimed andcounter-claimed with respect to the construction project. While the outcome of thesematters is subject to future resolution, management's evaluation and analysis of suchmatters indicates that the probable ultimate resolution of these disputes will not have amaterial effect on the current year's financial statements.
17. COMPARATIVE FINANCIAL STATEMENTS
Certain of the comparative figures have been reclassified from statements previously presented to conform to the presentation of the current year financial statements.
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